Pluto TV raised $30 million in Series B funding led by ProSieben and Scripps Networks. The company, valued at $140 million, plans to use the new funding to push their service in European markets.
The company’s streaming service differs from Netflix and Hulu, which secure licensing deals for their content and allow you to watch movies from the beginning. Pluto TV works as an Internet television guide that connects users to online channels.
In late 2014, Pluto raised $13 million in a Series A funding round.
Pluto’s service acts much like a regular cable subscription. Users are able to “tune in” to stations and catch streams as they’re on-going. If a person wants to watch a movie, they’ll need to find it on the guide and start watching it when it comes on, or they’ll tune in to an ongoing broadcast.
The company’s offering in the United States includes big stations, such as NBC and Bloomberg. In total, the company has over 75 content partnerships in the United States.
Niche services are added to the company’s service, too, adding something that is missing from other streaming services. The company offers People Entertainment Network content, for example, which is a celebrity and pop culture channel.
The company’s ability to help niche services and content be reached is a unique aspect of the company’s offerings. Pluto TV aggregates all of these content channels, free channels, in one place. This is much like a subscription service that premium channels offer, but the service is free.
The company boasts a user base of over 5 million monthly active users.
Advertising is used to help the free service generate revenue. The company has not publicly announced how much revenue it brings in from its service. The global television ad market is expected to reach $201.3 billion by 2020, allowing Pluto plenty of revenue to earn in the future.